Payment Message MT 100 (103)

Sending a Fax copy of an MT 103

For outgoing transfers, you have the option to generate a fax copy of a Payment Message (MT 103) that is sent when the transfer is initiated (INIT). A fax copy of an MT 103 can be triggered for generation:

Automatically, when the MT 103 is generated When a customer requests one

The format and content of the fax will be similar to the corresponding SWIFT Payment Message.

A fax copy of an MT 103 can be sent to the counterparty of a transfer only if the Payment Message (PAYMENT_MESSAGE) was triggered at the transfer initiation event (INIT). Generated with a Payment Message

While indicating the messages that should be generated at the event (INIT), you should also associate the pre-shipped advice type FAX_PMT_MSG to the event.

When the FT is authorized, the MT 103 is generated from the Outgoing Message Browser and the Fax copy is triggered for generation.

Generation of a unique reference number for Field 20

If the ‘SWIFT_SILVER’ parameter has been set to ‘YES’ for your bank, during the funds transfer a unique reference number will be generated in field 20.

The unique reference number is a combination of the first 7 characters of the contract reference number, a single digit unique number and the last 8 characters of the contract reference number.

The single digit unique number is obtained as follows:

For all credit type transfers (MT910, MT200, MT103, MT103P, MT202 and cover message) it would be ‘2’. If the cover message is also sent along with the payment messages then it would be ‘3’. For debit type transfers (MT210 and MT900) it would be ‘1’.

Due to this setup, during the Nostro reconciliation process, the internal reference number of transaction related to funds transfer module would be modified before comparison with the external reference number.

This message type is sent by or on behalf of the financial institution of the ordering customer directly or through a correspondent(s), to the financial institution of the beneficiary customer. Given below is a list of fields present in an MT 103 message type.

Message Type

Field Tag Description

MT103 20 Transaction Reference Number. If the ‘SWIFT_SILVER’ parameter has been set to ‘YES’ for your bank, a unique reference number will be generated instead of the transaction reference number.

32A Value Date, Currency Code and Amount 50 (Ordering

Customer)

This information you have maintained for the Ordering Customer field in the Other Messages tab of the Settlements screen is defaulted here. For outgoing MT103, the first line should have number 1 present in option F.

If the ordering customer specified is a valid BIC then the system will update field 50a with this BIC. If the BIC is not a valid code, the system will display the name and address of the customer instead (as per option K). 52a (Ordering

Institution)

This field gets populated depending on your entry in the Ordering institution field. If the transfer has originated from a different bank, this field should contain the name of the Originating Bank. If you do not need this field, clear the data from this field.

53a (Sender’s Correspondent)

The information that is captured for the Receiver of Cover field in the Settlement Instructions screen is defaulted if a cover is sent. Else the BIC of the Nostro account is defaulted.

53B This field gets populated only if there are multiple account relationships between the sender and the receiver correspondents. 54a (Receiver’s

Correspondent)

This field gets populated based on your entry in the Receiver Correspondent field in the Settlement Instructions screen. The

information available in this field can be deleted if you do not need it.

Message Type

Field Tag Description

55 (Third Reimbursement bank)

This field Specifies the Receiver's branch, when the funds are made available to this branch through a financial institution other than that indicated in field 53a.

56a

(Intermediary)

This information maintained for the

Intermediary field is defaulted here. You can change it.

57a (Account With Institution)

The information maintained for the Account With Institution field is displayed here. You have the option of changing it. If the value for field 72 does not contain the string ‘/RCB/’ and field 55 is not null, then the value in field 55 will be displayed here. If field 55 is null, then the value in field 54 will be displayed here.

59 (Beneficiary Customer)

The information maintained in the Ultimate Beneficiary field is defaulted here. You have the option of deleting this information. Here you need to link this tag content to the customer account and sender to the counter party BIC.

If the ultimate beneficiary of the transaction is a valid BIC, then this field will display the BIC. In case the beneficiary BIC is invalid, then the field value will be null.

70 (Details of Payment)

The Details of Payment captured in the Settlements screen will be defaulted here. 71A Information is defaulted from the Charge

Bearer field in the FT Contract screen. 71F Sender’s Charges.

71G Receiver’s Charges. 72 (Sender to

Receiver Information)

If you have captured the ERI Currency and Amount in the Settlements screen the OCMT is populated along with the data in the Sender to Receiver information field in the

Settlements screen.

Some of the fields like field 20 and 32A are generic in nature. The details pertaining to the other fields are defaulted from your maintenance in the Settlement Instructions screen.

Field 32A will display the credit amount and currency, while field 33B will display the debit amount and currency in case of cross-currency payments. In case of intra-European payments where ‘EUR’ is the only currency involved, field 33B will display the transaction amount. In such cases, input to field 33B will be mandatory.

The sender’s charge currency of previous banks in the payment chain will be appended in field 71F of an outgoing MT103. During the STP of an incoming MT103, the fields 32A and 33B will not be compared to fields 71F and 71G. While processing an incoming payment message where the value for field 71A is ‘OUR’ and 71G is also present, the system will compute the transfer amount by subtracting the receiver’s charges from the credit amount. Receiver’s charges will not be displayed in an outgoing MT 103.